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Jo C., Barrister

Category: Law

Satisfied Customers: 30929

Experience: Over 5 years in practice

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An Investment Plan with Royal Bank Of Scotland (RBS) recently

Customer Question

An Investment Plan with Royal Bank Of Scotland (RBS) recently matured. It was a lot more than I had expected but, naturally, I was not unhappy with that. RBS have now written to me, stating that they have overpaid me and asking for what they call the excess payment back. They say the "over-payment" was an administrative error. I'm not entirely surprised, though I am very annoyed and upset. I had intended and expected to reinvest the funds received in Stocks via my Broker. The money will now be held in cash pending resolution of this. Do I have to pay it back?

1. I believed they had probably made a mistake but I did not know for sure.

2. I have not suffered any loss, but I had intended to use the payment to make new investments and it is by pure chance that I had not already done so. Now I feel it is too great a risk and I am losing an investment opportunity.

3. I have been told only that it was an error. They have latterly told me what I should have been paid- which is what I had originally expected.

I will right a response now with some options, but bare in mind in order to have any defense against this claim you will need to show that you have some how relied on the information RBS gave in good faith and have since relied on the over payment to your detriment. This is known as a defence of promissory estoppel.

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